Gold prices on Multi Commodity Exchange (MCX) rose on Thursday following a rally in global bullion prices on a weaker US dollar. Silver prices also gained nearly half a percent.
MCX gold rate opened higher at ₹97,600 per 10 grams as against its previous close of ₹97,357. Silver price opened higher at 1,06,405 ₹per kg as compared to previous close of ₹1,05,980.
At 9:15 AM, gold price was trading at ₹97,462 per 10 grams, up by ₹105, or 0.11%, while MCX silver price was up by ₹510, or 0.48%, at ₹1,06,490 per kg.
In the previous session, MCX gold price ended 0.38% higher, while MCX silver prices rose 0.11%.
In the international market, gold prices traded higher as the dollar slumped on growing uncertainty after reports suggested US President Donald Trump had considered replacing Federal Reserve Chair Jerome Powell as early as September or October, raising concerns over the future independence of the US central bank, boosting demand for safe-haven bullion.
Spot gold price was up 0.2% at $3,339.20 per ounce, while US gold futures gained 0.3% to $3,353.10. Spot silver rose 0.2% to $36.36 per ounce.
The dollar fell to its lowest level since March 2022, making greenback-priced gold less expensive for overseas buyers.
Donald Trump called Powell “terrible” and said he is considering three or four potential candidates to lead the central bank. According to a report by The Wall Street Journal, Trump is even weighing the possibility of naming Powell’s potential successor as early as September or October.
Meanwhile, Jerome Powell told a US Senate panel on Wednesday that while Trump’s tariffs may cause a one-time price hike, the risk of persistent inflation is significant enough for the central bank to be cautious about further rate cuts.
“Fed Chair Jerome Powell maintained a cautious stance, saying the Fed can manage tariff-related inflation but is not yet ready to cut rates, despite political pressure. Meanwhile, while the ceasefire between Iran and Israel appeared to be holding, concerns lingered over its durability,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Bullion tends to do well during periods of uncertainty and in a low-interest-rate environment.
Investors will now watch out for US GDP data due later in the day, while also keeping a watch for data on Personal Consumption Expenditures (PCE) on Friday.
Gold Price Outlook
According to Jigar Trivedi, MCX gold August futures may appreciate to ₹97,800 per 10 grams, with support seen around ₹97,000 level.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
About The Author
